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Q3 ( Long question and really important) Help please it's final, I only have 90 minutes, I need this answer as quick as possible and make the paper clear please guys...

A business has supplied the following information relating to the year ended 31 December 2021 Trial Balance as at 31 December 2021 Drs Crs Cash at Bank 85,000 Loan-due 2023 40,000 Salaries 60,000 Electricity 12,000 Capital 207,060 Buildings 150,000 Inventory 13,000 Accumulated depreciation - Buildings 900 GST Clearing 2,200 Accounts payable 10,000 Sales 280,000 Advertising 5,000 Drawings 2,000 Packaging costs 700 Cost of sales 140,000 Prepaid Rent 3,200 Buying expenses 1,000 Cartage out 900 Accounts receivable 12,600 Rent 8,800 Insurance 960 Equipment 45,000 540,160 540,160 () Adjustments Required: (NB: Adjusted trial balance on page 7 is NOT required to be completed) 1. Rent of $800 has expired 2. An account for electricity of $500 relating to June has not been paid 3. Salaries owing $3,000 4. A physical stock take conducted on 31/12/2021 showed total Inventory on hand of $13,500 5. Depreciation on the Building is 2% 6. The equipment was purchased on 1 October 2021 and is to be depreciated at 10% 7. The business has earned $900 in commission revenue which it has not yet received Required a) Prepare balance day adjustment journals at 31 December 2021 NB: narrations are NOT required (17 marks) b) Prepare an Income Statement (17 marks) c) Prepare a classified Balance Sheet (21 marks) Date Details DR CR 31/12/2021 Income Statement for the year ended 31 December 2021 Revenues Less: Cost of Goods Sold Gross Profit Adjusted Gross Profit Less: Other Expenses ( ) Gross Profit Adjusted Gross Profit Less: Other Expenses Net Profit (Loss) Balance Sheet as at 31 December 2021 $ Current Assets Current Liabilities Non-Current Liabilities Non-Current Assets Owner's Equity TOTAL ASSETS TOTAL LIABILITIES AND EQUITY

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